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Bootstrapping Ideas for Startups and Small Businesses from Digital Media Center, Orange County, CA


 

I think bootstrapping advice for entrepreneurs (how to market, launch a new business or create partnerships) is killer advice for all small business owners, no matter how long you’ve been around.  So on June 10, 2009 I spent an insightful afternoon at the Digital Media Center in Santa Ana, here in Southern California.  

The DMC put together some terrific speakers who shared some useful tips for marketing and growing a startup. I think these strategies and tips could work for any size company.  (Especially in this rocky economy.)

Steve Mednick, Plenum Revenue Group: Steve Mednick is a professor at the Grief Center for Entrepreneurial Studies at USC and a serial entrepreneur.  He shared his own bootstrapping stories and those of some students of the Greif Center program.  

Here is just some of the excellent advice I heard.  And since I'm a
marketer and social media enthusiast—I’ve translated the Steve’s
recommendations into marketing ideas.    (Apologies in advance to the
experts.)Interestingly, a notable graduate of this USC program is Marc Benioff, founder of Salesforce.  

•    When launching a new startup company (or in my view, a new product, service or marketing project) just get to the start point.  What is the idea that will get you started?  What is the idea that will get you your first customers?  We’re in business to get customers.

•    On market research.  Don’t worry about needing a budget to do research. The only opinion that counts is the customer’s.  Ask your (potential) customers when in doubt.  Then, give them what they want (as long as you make a profit.) Cynthia’s note:  I uncovered one of my small business clients best ideas for generating revenue during a 15-minute call with one of his best raving fan customers.


•    If you’re uncertain about a project, product or service—ask someone!  Use your network. Talk to 250 people. Get help. Find someone who knows about what you’re attempting to achieve.

•    Your ability to execute in the marketplace = $$$.  Execution--finding a way to get something done—is the key.

•    Take the hair-on-fire approach.  [To starting a company or a marketing project.)  Steve had a great slide for this one.  Actually all of his PowerPoint slides were excellent. Very Zen.  Not crowded, not busy, got his message across, told the story.

•    “Think from your customer backwards.” Saras D. Sarasvathy published research about “thinking from the customer backwards”.  In 2007, Saras was one of the top 18 entrepreneurship professors by Fortune Small Business Magazine.  Steve Mednick says:  “Just start talking to customers.”

•    Get past the ‘great idea’ stage. Get to customers to execute your ideas.

•    Network. Network. Network.  Become known in your space. (We can never hear this enough!)

•    Give to get.  Make connections.  Brand your company as the go-to-person for your products, services.

Here is the link to Steve Mednick’s complete article, Bootstrapping Your Business - Get Real - Get Started

Enjoy!

 

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Submitted by Cynthia on Tue, 06/16/2009 - 22:58.
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